We report quantum mechanical scattering calculations of zero temperature quenching rate coefficients for vibrationally and rotationally excited O-2 in collisions with He-3. It is found that vibrational energy is channeled into more specific rotational levels in the ultracold regime than at thermal energies where a broad range of rotational levels are populated. The influence of the van der Waals interaction on the low-temperature quenching rate coefficients and the possibility of trapping vibrationally excited O-2 by the buffer gas cooling technique are also discussed.